U.S. Crude Oil Inventories Pull Back Much More | Commodities
(RTTNews) – The Energy Information Administration launched a report on Thursday exhibiting U.S. crude oil inventories tumbled by a lot more than anticipated within the week ended May twenty fourth.
The report stated crude oil inventories slumped by 4.2 million barrels final week after climbing by 1.8 million barrels within the earlier week. Economists had anticipated crude oil inventories to lower by 1.9 million barrels.
With the sharp pullback, U.S. crude oil inventories are about 4 p.c under the five-year average for this time of 12 months, the EIA stated.
Meanwhile, gasoline inventories elevated by 2.0 million barrels final week however stay about 1 p.c under the five-year average for this time of 12 months.
Distillate fuel inventories, which embody heating oil and diesel, additionally climbed by 2.5 million barrels final week however stay about 6 p.c under the five-year average for this time of 12 months.
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